Web3 is the most recent iteration of the internet that began its journey as a read-only application. Web3 focuses on being highly decentralized and giving control over their data back to the users, as opposed to the current internet where a handful of big companies hold a monopoly over our data. The many web3 features utilize AI, machine learning, IoT and other technological advancements to achieve decentralization.
Evolution of the Internet to Web3
In the 1990s, the first concept of ‘internet’ emerged in the world. The internet was created with the help of HTML as its publishing language by Berners-Lee. He laid the foundation of the internet and also became the first webpage editor. Web 1.0 was just a platform for news content, emails, different blogging sites, and maintaining records online.
The next step for the internet was web 2.0, as the idea of interconnectivity began to take a stroll. Web 2.0 promotes online shopping and user-generated content, along with increased connectivity. However, with web 2.0 came the centralization of power and the issue of user data being controlled by a handful of institutions. This is where web3 comes in.
Why Is Web3 Important?
- Web3 is built upon the principles of decentralization, transparency and higher control for the users.
- Web3 platforms are mostly to be built upon open source code that future developers can make use of. This promotes the active participation of developers and lowers the barrier for experimentation with different applications on the internet.
- Decentralization brings the removal of a central authority that would control user data or activities on the internet.
- Web3 features also promote artificial intelligence and machine learning. This means that the internet will have the intelligence to actively learn from human behaviour and apply that knowledge to curate content for the users.
- Web3 enhances the ability of the internet to be able to provide user-optimized and personalized output.
Now, let’s understand the most important web3 features.
Main Features of Web3
· Semantic Web: The web3 focuses on technological advancements that would make for better intelligence and efficiency for the internet so that data can be interlinked and used across multiple platforms. The semantic web would essentially help to generate better content for the users.
· Artificial Intelligence: AI will be used in web3 to gain better insights regarding user behavioral patterns and generate better content for them based on their likes and dislikes.
· 3D Graphics: To further enhance the user experience, web3 platforms will be making use of 3D graphics for the added element of realism, and to bridge the gap between the physical and virtual worlds.
· Decentralized Platforms: Blockchain-powered decentralized platforms will be at the core of web3, to make the internet a truly decentralized space that brings power back to the users.
· Ubiquity: With web3, all content and platforms are better connected and bring in the component of ubiquity, as web3 will be accessible to anyone, anywhere, and with a wide range of devices. This factor will be powered largely by the internet of things (IoT).
Effective Use Cases of Web3 Features
Some use cases of the leading web3 features include:
· Metaverse: Metaverse aims to be a virtual space which will be an exact replica of the real world. With the use of web3 features like VR, AI, machine learning, better connectivity and ubiquity, people will be able to interact with each other as efficiently as in the real world.
· DeFi: Another effective use case of web3 features is decentralized finance. With the help of blockchain technology and cryptocurrency, people are able to execute financial transactions without requiring the presence of a central authority.
· Advanced Gaming: Unlike traditional games where game operators reserve the rights over in-game items and rewards, web3 gaming gives users the ability to actually claim their winnings and gaming assets, and even trade them outside of the platform.
Future Insight
Web3 is all set to revolutionize the internet we know with the concepts of metaverse, NFT, blockchains, and more. It’s high time for governments around the world to take note and implement measures to accelerate the coming of web3.
Even as the Indian web3 industry lacks regulatory clarity yet, the Indian web3 market is expected to reach $1T in the very near future, with web3 start-ups in India growing in numbers by over 450 in the last couple of years. Between 2021 and 2022, India registered about 170 new start-ups in the web3 space, with a CAGR growth of over 50% since 2015. With Telangana having officially launched the web 3.0 Regulatory Sandbox, it’s expected that similar support from the individual state governments and the central government will be replicated across the country in the upcoming months for web3-relevant technologies as well.
Armed with shiny web3 features, the world is definitely moving towards an era of seamless connectivity and decentralization. Crypto is expected to play a major part in facilitating web3 payments, which is why now might be a good time to get into crypto trading! Want to get started with crypto, but not yet sure how? Giottus might just be the place you’re looking for!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
